It could happen to any of us in these tough economic times. All it takes is being laid off or receiving an unexpected medical bill....
The very stressful and emotional situation of falling behind on a mortgage payment by just 30 days can and may start the forclosure process to begin on your home! '
For many, there is help out there.... It's a matter of knowing where to turn and what to say....
For those that have equity in their home, and can't work out a modification, get it on the market! If you don't have equity and can't work out a modification, a "short sale" may be the solution. In either case, Pick Up The Phone..... call a Realtor and get that home on the market pronto.
Call your lender .. discuss the situation, see if you can work something out. Speak to the loss mitigation department, take notes and names. It can be tough dealing with these folks. They are overwhelmed too. Be persistant... you may have to call several times.
Call a non-profit counselor. Try 888-995 HOPE or the Hud.gov website. They can help .. This is what they are there for! Pick Up The Phone!
I know it's a tough situation and for most and an embarrassing one.... no one buys a house with the intention of falling behind... but, it's happening all around us.
Do not hesitate to reach out! It just doesn't make sense to put your lender in the driver's seat here!
Investigate. You may have options. The key is to act quickly!